USD/ZAR erased most of Tuesday's gains and price action has dipped into cloud, furthering bearish momentum.
- Daily Techs point lower, Stochs show bearish crossover and RSI is biased lower, downside has further to go
- The pair is currently trading at 13.4179, with immediate resistance at 13.4344 (4h 10-MA) and support at 13.40 (4h Kijun)
- Strong support seen at cloud top by 13.40, breaks below could see the pair at 13.30 levels
Recommendation: Good to sell rallies around 13.40, SL: 13.60, TP: 13.30
Resistance Levels:
R1: 13.4344 (4h 10-MA)
R2: 13.5073 (10 DMA)
R3: 13.6272 (Daily Tenkan)
Support Levels:
S1: 13.40 (4h Kijun, daily cloud top)
S2: 13.30 (55 EMA)
S3: 13.25 (Oct 12 low)
